“If you look across the board, tech fundamentals have been very good in internet, software, and semiconductors, so there's been a good backdrop,” Joshua Spencer, portfolio manager at T. Rowe Price, told CNBC last week.

European stocks could also be set to outperform.

Michael Batnick wrote that European stocks have underperformed US stocks over the past few years. “That underperformance combined with investors’ attitudes toward European stocks — which are apathetic at best — has caused the valuation gap between US and European equities to widen into a gulf,” he wrote.

Batnick concluded that “with the difference in valuations, the recent performance, and investor flows, it might be time to consider investing at least a portion of your portfolio outside the United States”.